"The company has seen tremendous growth over the last 10 years with significant investment in the company-owned premises, IT infrastructure and most importantly building a team of committed and passionate staff to support the prestigious portfolio of brands stocked by the company," said a company statement.

Turner and Catlin will continue to be supported by financial director David Nixon.

Catlin said: “Following the successful conclusion of negotiations with Cedric, Gary and myself are delighted with this outcome and to have the full support of our brands, staff and bank. In some ways, for our customers it is very much business as usual as Gary and myself have been the point of contact for several years. Most importantly, continued customer focus is paired with ongoing ambitious plans for the company’s future.”

Turner added: “Chicken's is one of the most respected names in the UK cycling industry and it has always been a privilege to be part of its success. Mike and myself have long term ambitions to continue the Chickens legacy and we look forward to working with all staff, customers and suppliers for many years to come."

Chicken will retain the role of company chairman. He said: “I have seen many a company go to the wall as a result of the owner staying in charge too long. Happily the youthful Mike and Gary have proven their ability given a free hand in the introduction of the latest IT and computer services.

"They have attracted more qualified staff as a result, enabling the company to function optimally; also younger staff of ability and they have the respect of our suppliers by knowing product ranges inside out. By most recently dividing their individual skills of commercial management on the one hand and selling/marketing on the other, Mike and Gary have honed their individual talents.

"Our suppliers are our mainstay and they appreciate the high degree of organisation that exists, for their benefit, within our company. We have helped them and they have helped us through thick and thin for more years than I care to remember.

"This MBO sends out a very clear message to the trade – Chicken stands for perpetuity.“

Chicken Cyclekit was the 2013 successor to R.J. Chicken and Sons which in itself was founded from Industrial Chain Supply Company, founded by Bob Chicken in 1951. Earlier than this there was a steel tubing business founded in 1919 by Bob Chicken's father, William Chicken.

Cedric Chicken will be leading the arrangements for the 100th anniversary celebration of the company.